Operator

Thank you for standing by, and welcome to the Coronado Global Resources Quarter 1 2026 Investor Call. [Operator Instructions]

I would now like to hand the conference over to CEO, Gerry Spindler. Please go ahead.

Garold Spindler
Interim CEO & Director

Thank you, Kaley. Good morning, and thank you for joining Coronado Global Resources' First Quarter 2026 Investor Call. I'm Gerry Spindler, Interim Chief Executive Officer; and with me is our Chief Financial Officer, Barrie Van der Merwe. Today, I will provide an overview of our first quarter's performance, outline the progress we've made following the completion of our expansion program, outline our latest plans to improve operating performance and cost and discuss how the business is positioned as we move through 2026. Barrie will then walk you through the financial performance and our liquidity position before we open the call for questions.

Following the completion of our expansion program over the past 2 years, Coronado entered 2026 with materially higher leverage. As we have previously outlined, weaker metallurgical coal markets through the past 18 months placed pressure on earnings and required mitigation measures. As a result, management has commenced a comprehensive operational and financial reset focused on restoring sustainable cash generation through operating performance that will provide resilience through the market cycles. We will be supported in this work by AlixPartners, a well-credentialed turnaround consulting firm.

Across the group, the focus has been on increased